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CONTRACTING RANGE ON OIL MAY PROVIDE TRADING OPPORTUNITIES

CFDs on WTI Crude Oil (TVC:USOIL)  
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TVC:USOIL   CFDs on WTI Crude Oil
Crude Oil WTI Triangle Pennant
7
0
usoil triangle pennant
USOIL

The price has been trading in a tightening triangle/pennant range for the past 2 months. I am more bullish here as the prevailing trend is up and the support stronger because of the rising gap from the last week.

I am looking for a break above 54.00 to target the 61.8% and 100% breakout targets around 56.85 and 58.70.

A downside break below 51.05 would indicate a move towards the rising trendline support around the 61.8% breakout target at 48.60.
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